RNS Number:4214T
Merrill Lynch Investment ManagersLd
18 December 2003

                                                        FORM SAR 3


                                       Date of disclosure     18TH DECEMBER 2003


                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of acquisition     17TH DECEMBER 2003

Acquisition in          MERRILL LYNCH ASSET ALLOCATOR PLC    (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    0.1P BALANCED SHARES      2,540,630       shares   
    0.1P GROWTH SHARES        (0.1P BALANCED SHARES)
                              N/A             rights


(2) Resultant total holding         Resultant total holding   Total percentage
    of voting shares (and %         of rights over shares
    of total voting shares          (and % of total voting
    in issue)                       shares in issue)

    BALANCED: 5,225,069 (22.78%)    28,731,259      (18.59%)            (18.59%)
    GROWTH:  23,506,190 (17.86%)
    TOTAL:   28,731,259 (18.59%)


(3) Party making disclosure     MERRILL LYNCH INVESTMENT MANAGERS GROUP LIMITED

(4)  (a)  Name of person acquiring shares or rights over shares 
          and, if different, beneficial owner

          MERRILL LYNCH INVESTMENT MANAGERS GROUP LIMITED

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)


Signed, for and on behalf of the party named in (3) above

(Also print name of signatory)     KELI WALTERS 

Telephone and extension number     020 7 964 7492

Note 1. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2: The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk



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